The face of retail was already changing before recent events that have impacted the country, including California. Shopping center development was already changing, but it may change even faster and more dramatically now and in the future. That does not mean that these types of developments will go away, it may just mean that developers and investors will need to make further adjustments in order to increase the chances of a successful venture.
Many people will still want to shop in brick and mortar establishments, but what they are looking for and how it is presented could change. More planning will need to go into shopping centers, and they may need to include options other than retail, such as entertainment, restaurant and business options. People may want the option to work, live, shop and entertain themselves all in one place.
Even though meeting the ever-changing expectations of the public requires a great deal of thought, other concerns will also require attention. Acquiring the right land, finding the right tenants and marketing a new shopping center to everyone could prove problematic. Working out those details may only be the beginning of the challenge.
The other part of the challenge in shopping center development in the current state of the country is getting the right deal for the land, the construction and more. Working with the right legal team could make the difference. A California real estate development attorney can assist with the necessary negotiations by helping protect the interests and rights of developers and investors.
